Benefits of e-money and Fund transfer through e-currencies

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Electronic Money and International Business Transactions
Breakthroughs in technology promise businesses and consumers an array of financial products and services in a digital format. Progress in communication technology continues to trigger new systems of payment. With the advent of technology, network-based e-money platforms are expanding at an unprecedented pace. E-transactions are becoming more common in the consumer and commercial world.

What is e-money?
To the broadest scope, e-money can be defined as the digital store of monetary values on a technical tool, which can be widely used to make transactions. This technical tool permits the transfer of electronic value through telecommunication networks like the internet.
The easiest way to look at the e-money is not as an actual 'currency' as the U.S. dollar, the Yen, or Euro because those are real currencies designed and supported by their specific governments. A person cannot visit a currency conversion unit in Italy and ask to convert Euro for E-Gold. On the contrary, E-Monies are "stored value units."

How e-money works
Fund transfer through e-currencies can be simpler, easier and quicker than any other way of value exchange. Most e-currencies function in the same manner. Each needs that a user opens an account with them.
Some e-currencies demand many private details, some do not ask for many private details at all. Once you have particular e-currency account set up with your security password, you are now prepared to "move some funds" into your e-currency a/c so that you can use it.
When transferring money from an e-currency account to another, the e-currency company imposes a fee, usually a percentage of the amount transferred. This is billed to the side conducting the exchange and is subtracted from the remaining balance in the e-currency account.

Benefits of e-money
E-money enables consumers to make anonymous shopping. Digital money offers the greatest anonymity, unlike paper money. If e-money takes the position of credit cards for the common purchase of tangible things, the impact will be to improve the amount of information available on the customer's purchasing behavior.

E-money and Business
This may improve electronic business all over the world, which is valuable for the international economic system. In turn, this increases the confidence of doing online shopping. Most people using credit cards to conduct online shopping lack confidence because of the risk of cyber crimes and fraud.
E-money serves as a technology that allows performance benefits in the utility of transaction media to be made. However, this benefit can only be noticed if adequate safety measures are in place to ensure that e-money is a reliable product approved and loved by all its customers.
In particular, mismanagement of float, the intrusion of fake value, significant technological failure and eventually the failure of an e-money company could have a damaging effect on the reliability of various e-money items, and possibly even on other card-based transaction items. In addition, the possible increase in the use of e-money techniques may cause financial institutions to reduce the capacity of their current conventional transaction systems.
In such conditions, the failure of a significant e-money company could cause a decrease in confidence in e-money systems. As such, it might no longer be possible to return instantly to traditional means of transaction.

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Benefits of e-money

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